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Money Sent Home by Mexicans in U.S. Plunges

More news stories on Hispanic Immigrants

AP, June 1, 2009

Money sent home by Mexicans living abroad plunged in April by more than 18 percent compared to the same period last year, the biggest monthly fall on record, the central bank said Monday.

Remittances fell to $1.7 billion in April 2009 compared to $2.1 billion in April 2008, according to the bank. It said the U.S. recession has hurt migrants in the United States, while fewer Mexicans are heading north because of a lack of jobs and a crackdown on illegal immigration.

Last year was the first time remittances have dropped year-to-year since the bank started tracking the money 13 years ago. Mexico’s second largest legal source of foreign income after oil, remittances plunged 3.6 percent to $25 billion in 2008 compared to $26 billion in 2007.

Remittances for the first four months of 2009 have dropped more than 8 percent, totaling $7.2 billion compared to $7.9 billion for the same period last year.

The global financial crisis has caused remittances to fall worldwide. Mexico is the world’s third largest receptor of remittances, after India and China. Nearly 12 million Mexicans live in the United States.

Original article

(Posted on June 4, 2009)

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Comments

1 — Question Diversity wrote at 6:02 PM on June 4:

That’s because so much of Mexico is already here, wiring money across the border isn’t necessary anymore.

2 — Fr. John wrote at 5:05 AM on June 5:

You know, if they can trace this to such a degree, you think they must be keeping track of WHO is sending money ‘home’. Finding the recipients means you could also find the remitters, and then ship them back, as illegal aliens.

Nah, that would actually mean the government cared about its’ citizens.

3 — Tom Watkins wrote at 4:52 PM on June 5:

I live in the continental United States. I recently sent a small amount of money to someone in another state, via Western Union. I’ve used the service, a few times, over a number of years, including sending to other countries, but this was the first time I was asked for my own ID. I asked why, but they couldn’t give me a reason, except to allude to there being high incidents of fraud in the destination state, with the implication being that me showing ID was somehow for my own protection. I’m willing to bet that anyone sending money to Mexico from the US, doesn’t need to show any ID.

4 — Question Diversity wrote at 7:32 PM on June 5:

Tom Watkins:

WU outsourced their St. Louis operations, administrative and call center, and their Dallas Spanish-speaking call center, to Costa Rica, as of about a year ago. I would avoid WU if at all possible.

I do notice in some WU commercials advertising an easy wire transfer method, that it is not available in Arizona. I bet it has to do with some Mexican fraud that just so happens to be illegal in a state that happens to have both a lot of Mexicans and is still somewhat sane for the time being.

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